on 28September 2022 Luvsannamsrain Oyun-Erdene was appointed Prime Minister of Mongolia on 27January 2021. He reshuffled his cabinet and appointed new ministers on 30August 2022. Prime Minister Oyun-Erdene's priorities as prime minister include increasing Mongolia's energy independence, expanding Mongolia's links with the rest of the world, supporting the long-term expansion of the Mongolian economy, reforming government and tackling corruption. He was re-appointed as the Prime Minister on 5July 2024, following his party's third-term win in the 2024 elections.
Vision 2050 and New Recovery Policy In December2021, Oyun-Erdene introduced the
New Recovery Policy (or New Revival Policy) as part of Mongolia's
Vision2050 program, focused on diversifying Mongolia's economy, supporting the country's recovery from the COVID-19 pandemic and driving long-term development. The policy contains six pillars with each aimed at tackling existing economic constraints and unlocking growth in the following areas: border ports, energy, industrialization, urban and rural development, green development and state efficiency. Partially as a result of the New Recovery Policy beginning to be implemented, the country's economy grew by 4% in 2022, having been forecasted to grow by just 2.6%. The Mongolian budget deficit was reduced by 60%, with exports increasing. In December2022, the Government announced that Mongolia had paid off the 'Chinggis bond', a key milestone in the country's long-term debt management strategy. In 2023, the
European Bank for Reconstruction and Development forecasted that Mongolia's economy would see 7.2% growth in 2023 and 7.5% in 2024. Under the New Recovery Policy, Mongolia has already built the Zuunbayan-Khangi rail link, which opened in November 2022, and started construction on the New Settlement Zone of Khushigt Valley. Other New Recovery Policy Projects completed in 2022 include the Borkh solar thermal power plant charge storage system in Uliastgai and the solar thermal power plant hybrid system in Altai soum. In February2025, Oyun-Erdene also announced an agreement to construct the Gashuunsukhait-Gantsmod railway crossing, which had previously been subject to significant negotiation delays. This crossing is expected to increase Mongolia's coal export capacity by 30 million tons.
Tourism On 29November 2022, the Government of Mongolia unveiled a major package of measures to promote the country as a growing tourist destination. This included the Government launch of its 'Welcome to Mongolia' campaign, as well as designating 2023–2025 as the 'Years to Visit Mongolia'. The aim of the campaign is to encourage overseas travelers to visit Mongolia for both leisure and tourism. The Government's reforms are focused on opening up more travel routes, modernizing Mongolia's visa system and reducing the cost of flights to the country. In June2022, Mongolia started allowing South Koreans to enter and stay without a visa for up to 90days. In January2023, nationals of 34countries became exempt from visa requirements for those traveling to Mongolia for tourism purposes. In August2023, during Oyun-Erdene's visit to the United States, the Prime Minister met with Vice President
Kamala Harris and held a joint press conference. During the visit, it was announced that there would be direct flights between the US and Mongolia starting in 2024.
Digitalization policy In December2022, Oyun-Erdene's government launched its new online procurement portal, Mindgolia, to boost the country's tech sector and to transition the country's economy "from mining to mind." The website allows companies to search for products by software category, view reviews, and choose products and services by looking at other people's ratings of them. In April2023, Oyun-Erdene launched the
E-Business online platform to help businesses start and grow more easily, cutting down on bureaucracy and waiting times by streamlining exchanges between government and business. At the
Mongolia Economic Forum in July2023, the Government announced an agreement with
SpaceX and
Starlink to launch a new era of high-speed internet connectivity. Mongolia now has two licences for SpaceX to operate as an internet provider in Mongolia using low-orbit satellites. In August2023, during Oyun-Erdene's official visit to the United States, it was announced that
Google would be partnering with Mongolia to enhance the digital skills of Mongolian teachers and young people, including the provision of 20,000Chromebooks to schools.
Mining On 13March 2023, the Prime Minister joined
Rio Tinto CEO
Jakob Stausholm underground to celebrate the commencement of underground production at the
Oyu Tolgoi copper mine in the
Gobi Desert. A partnership between Rio Tinto and Mongolia, the Oyu Tolgoi open pit and concentrator have been operating since 2011. The workforce of Oyu Tolgoi is currently around 20,000people, of which 97% are Mongolian. Oyu Tolgoi works with more than 500national suppliers and has spent around $15 billion in Mongolia since 2010, including $4 billion of taxes, fees and other payments to the state budget. Speaking at the commencement ceremony, the Prime Minister said "I am proud to celebrate this major milestone with our partner Rio Tinto as we look towards Mongolia becoming one of the world's key copper producers. The start of underground production at Oyu Tolgoi demonstrates our ability to work together with investors in a sustainable manner and become a trusted partner. The next phase of the partnership will enable the continued successful delivery of Mongolia's 'New Recovery Policy' and Vision 2050economic diversification strategy. Mongolia stands ready to work actively and mutually beneficially with global investors and partners." In December2024, Oyun-Erdene announced a $1.6 billion
uranium mining agreement with French company
Orano, which was ratified by Parliament in January. Production is expected to start in 2028, with peak output projected to reach 2,600 metric tonnes of uranium by 2044. Under Prime Minister Oyun-Erdene's initiative the new Natural Wealth Fund was established in 2024. It intends to channel natural resource revenues into investments that could help Mongolia diversify away from its mining sector dependence.
Anti-corruption Oyun-Erdene cultivated a reputation as a reform-minded leader seeking to challenge entrenched interests in the mining and banking sectors. As part of the New Recovery Policy's pillar to tackle corruption and in light of these protests, the Prime Minister put forward an initiative to change the governance of
Erdenes Tavan Tolgoi JSC (ETT), making the company public. This was aimed at improving transparency within the mining sector. The Prime Minister also set up a six-month investigation into ETT. In January2023, Mongolia took further steps to crack down on corruption by passing the Commodities Exchange Law, which requires state-owned enterprises to trade export commodities on a new mining commodity exchange. In January2023, Mongolia's anti-corruption authority announced that over 30officials, including the chief executive of Erdenes Tavan Tolgoi, were under investigation for embezzlement. In July2023, Mongolia became the first
Asia–Pacific country to implement all 40recommendations from the
Financial Action Task Force, and the fifth globally.
Foreign affairs in Ulaanbaatar on 3 September 2024 In 2023, Prime Minister Oyun-Erdene visited the White House and met with then-Vice-president
Kamala Harris. In January2024, Mongolia stated that it seeks to institute a summit where Mongolia, China, and Russia can further develop economic opportunities, including the
China-Mongolia-Russia Economic Corridor, one of the six major land corridors of the
Belt and Road Initiative. That same month, Oyun-Erdene described
relations between Mongolia and China as at their highest level and described the two countries as working towards a comprehensive strategic partnership. Oyun-Erdene submitted himself to an investigation by the Independent Authority Against Corruption but made few public statements regarding the controversy. Demonstrators expressed frustration over allegations of corruption, alongside broader grievances related to inequality and government corruption. They demanded that Oyun-Erdene publicly disclose his sources of income and provide an explanation for the funding of the reported expenses. On 21 May, the Mongolian People's Party expelled the
Democratic Party from the ruling coalition, citing its members' public support for the demonstrations, effectively dissolving the coalition government less than a year after its formation. Oyun-Erdene resigned on 3June after losing a
vote of no confidence in a secret ballot, with 44 State Great Khural members supporting him out of the required 64. Thirty-six opposed him, while the remaining 42 did not vote. He remained in office as a
caretaker until a new prime minister was appointed on 13 June 2025. == Notes ==